How much does an electric vehicle cost in Canada in 2021?
Nowadays, more and more consumers in Canada starting to think about switching to an EV as they tend to minimize their carbon footprint. Transportation is the second-largest source of greenhouse gas emissions in Canada. An EV future will be part of the solution to our pollution woes in Canada. Canada’s target is all new vehicle sales in the country must be electric vehicles (EVs) by 2035. While the vehicle industry is changing rapidly, the first question people often ask about electric cars might be: how much does an electric car cost in Canada?
Before we take a look at how much does an electric vehicle price costs in Canada, we should note that EVs are cheaper to own compared to gas vehicles in Canada. In general, the initial purchase price of an EV is higher than a gasoline car, but EVs will win out in the end.
There are three main factors that contribute to the cost-efficient for EVs:
1. Government Incentives
In 2019, the Government of Canada launched the Incentives for Zero-Emissions Vehicles, which covers battery-electric, plug-in hybrid electric, and hydrogen fuel cell vehicles. The federal rebate for buying or leasing an EV is a point-of-sale incentive of $2,500 to $5,000 for consumers. Depending on where you buy or the model you purchase, the full details of purchase incentives are available here: the Incentives for purchasing zero-emission vehicles.
Owning an electric vehicle in Canada is a bonus not only does the government of Canada offers incentives for EV owners but also Canada has built out a network of EV charging station across the country.
2. Lower Energy Cost
Electricity costs are much less than fuel, so an EV will be more cost-efficient to operate. As the average Canadian driver traveling 20,000 km per year, it will be a great saving on energy with an EV. You can charge your EV at public charging stations or at home, that’s more than $1000 saving on fuel per year if you travel as most of the Canadian drivers are at the average range.
3. Lower Maintenance Cost
Maintenance costs for EVs could be another saving since EVs have far fewer moving parts and don’t need oil changes. In the end, you will see net savings come in with an EV after your purchase.
Combining these three factors, you will not only save up to $5000 at the point of purchase but also save thousands of dollars on the operation every year.
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